There should be little need to make the business case for education. It is intrinsically tied to all positive development outcomes. Economic growth, health, nutrition and democracy are all boosted by quality schooling. If all children in low-income countries left school with basic reading skills, poverty would fall by 12% – and that’s good for business. The private sector benefits directly from an educated, skilled workforce.

The private sector spends only US$ 683 million per year to support education in developing countries, making up equivalent to just 5% of total education aid, as we found in the latest Education for All Global Monitoring Report. This is equivalent to less than 0.5% of the annual profits of the ten biggest companies in the world; it is about the same as the price of two Boeing 747s or the amount Americans spend on pizzas in just over a week.

By contrast, health usually features high on the agenda at Davos and is one of the top three global risks identified by the Forum. Health, as each of us knows, is the foundation of well-being. From an education perspective, having visited classrooms around the world I know all too well that children cannot concentrate and benefit fully from school if they are ill or malnourished.

Why does health figure so much more prominently than education? One reason is that recent campaigns against malaria, polio, HIV/AIDS and tuberculosis have been headed by Bill Gates or endorsed by the Gates Foundation. A vaccination summit held in 2011 and championed by the Gates Foundation raised US$ 4.3 billion, enabling 250 million children to be vaccinated worldwide.

Such sums give pause for thought. There are still 61 million children out of school, and it would cost US$ 16 billion a year to get them all into school. Universal primary education might truly be possible by 2015 if a leader like Bill Gates galvanized private companies and foundations to prioritize schooling.

The reality is that, without such a champion, education gets little attention from the private sector: 53% of US foundations’ grants are allocated to health and only 8% to education. And contributions that are made need to be set in context. ExxonMobil – the world’s second-biggest company – is one of the top five corporations giving to education. But its annual contribution of US$ 24 million is equivalent to just 0.06% of its 2011 profits.

A Bill Gates for education may yet appear. We hope the quest for new targets to replace the Millennium Development Goals will underline the considerable power of education to boost progress in every other development sector – and persuade the private sector to abandon its reluctance to fund education.

One thing is for certain – without new investments, education funding will continue to stagnate. As populations increase, we will start to see the number of children out of school going up rather than down, as is already the case in sub-Saharan Africa.

Our hope is that on the global stage at Davos, business leaders will find the motivation to step up alongside governments and donors to help fill the funding gap and reinvigorate progress towards education for all.

All opinions expressed are those of the author. The World Economic Forum Blog is an independent and neutral platform dedicated to generating debate around the key topics that shape global, regional and industry agendas.